Electric $83,800 46,50 For Year Ended December 31, 2019 Sales Acoustic $123,200 Cost of goods sold Gross profit 58,925 Operating expenses Advertising expense 5. Depreciation expense-Equipment 10,00 19, see Supplies expense 1.96 7.675 utilities expense 3.225 Total operating expenses 45,255 Net Income (loss) 12,178 R.55 17.00 1,730 5.96 2,620 sunt expense $(4,129) 1. Prepares departmental contribution report that shows each department's contribution to overhess. 2. Bared on contribution to overhead, should the electric guitar department bee minsted: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a departmental contribution report that shows each department's contribution to overhead. WHOLESALE GUITARB Income statement showing Departmental Contribution to Overhead For Year Ended December 31, 2018 Abouctio Dept. Electric Dept. Combined Direct expenses Total Grect expenses Departmental contributions to overhead Indirect expenses $ ols Total Indirect expenses Below are departmental Income statements for a guitar manufacturer. The manufacturer is considering eliminating Its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect. WHOLESALE GUITARS Departmental Income Statenents For Year Ended December 31, 2019 Acoustic Electric Sales $183,280 $83,888 Cost of goods sold 44,275 46,850 Gross profit 58,925 36,95 Operating expenses Advertising expense 5, ees 4,310 Depreciation expense-Equipment 12, e90 8,550 Salaries expense 19,600 17.900 Supplies expense 1,960 1,730 Rent expense 7.075 5,960 Utilities expense 3,025 2,620 Total operating expenses 46,755 41,670 Net income (loss) $ 12,170 $(4,120) 1. Prepare a departmental contribution report that shows each department's contribution to overhead. 2 Based on contribution to overhead, should the electric guitar department be eliminated? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on contribution to overhead, should the electric guitar department be eliminated? Based on contribution to overhead, should the electric guitar department be eliminated?